IBISWorld has expanded its industry research report collection to include the E-discovery industry and other industries within legal services
Los Angeles, California (PRWEB) September 21, 2011
The E-Discovery industry is a hot commodity as evidenced by IBISWorld’s latest findings. The new report from IBISWorld covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Competitive landscape, major companies, industry performance, five year forecasts, growth rates and an analysis of the industry key players and their market shares are also included.
Despite crashing corporate profitability amid the economic recession, revenue in the E-Discovery industry has grown at an average annual rate of 5.6% to an estimated $786.5 million in 2011. The copious amount of electronically stored information (ESI) has made e-discovery services resilient in the face of tough economic conditions. Fortunately, corporate profit rebounded, with a strong 29.2% surge in 2010, followed by a 4.4% increase through 2011. This growth has allowed businesses to reinvest in new technologies, including e-discovery software. As a result, industry revenue jumped 9.1% in 2010 and is expected to outpace the five-year average growth again in 2011, with an increase of 7.6%.
As revenue has grown, the number of industry participants has declined. Consolidation has defined the industry over the five-year period, primarily because large corporations acquired smaller, specialized businesses to get in on the growing market. In 2011 alone, major player Symantec Corporation entered the industry via its purchase of Clearwell and tech giant Hewlett-Packard is slated to complete its acquisition of major player Autonomy in the next few months. These acquisitions signal an industry-wide trend, one that has pushed the number of firms down at an estimated average annual rate of 2.0% over the five years to 2011, to 612 businesses.
With economic recovery, corporate profit is slated to grow at a robust average annual rate of 7.3% over the five years to 2016. Coupled with the ever-increasing amount of ESI and growing demand from the legal market, IBISWorld anticipates this turnaround to drive industry revenue up at an average annual rate of 6.1% during the period, to reach $1.1 billion by the end of 2016. The type of data scoured and the expanding sources through which it is retrieved will help strengthen product development. Corporations already cite social networks as a significant source of information, and the growing influence of these websites within the work environment will spur demand for new and advanced e-discovery products like, Processing and analysis software, Collection software, Review software, Legal hold software, Consulting services, Industry Activities, Writing, developing and testing e-discovery software, Publishing e-discovery software. Consulting end users about e-discovery software.
For more information, download the full report from IBISWorld on the E-Discovery Service Providers Industry
Table of Contents
About this Industry
Industry at a Glance
Key External Drivers
Industry Life Cycle
Products & Markets
Products & Services
Globalisation & Trade
Market Share Concentration
Key Success Factors
Cost Structure Benchmarks
Barriers to Entry
Jargon & Glossary
About IBISWorld Inc.
Recognized as the nation’s most trusted independent source of industry and market research, IBISWorld offers a comprehensive database of unique information and analysis on every US industry. With an extensive online portfolio, valued for its depth and scope, the company equips clients with the insight necessary to make better business decisions. Headquartered in Los Angeles, IBISWorld serves a range of business, professional service and government organizations through more than 10 locations worldwide. For more information, visit http://www.ibisworld.com or call 1-800-330-3772.